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London gold market under scrutiny as bullion world gathers
By Eddie Van Der Walt
Bloomberg News
Sunday, October 18, 2015
The gold industry won't just be guessing where prices are heading at its annual gathering in Vienna this week. It will ponder how to change London's spot market, the biggest in the world.
The London Bullion Market Association, which oversees trading and is holding its annual conference starting Monday, has invited proposals on how to improve the city's over-the-counter market and has suggested more detailed reporting of transactions. At the same time, the producer-funded World Gold Council has also agreed with five banks to talk about starting standardized central clearing and listed derivatives.
London's market, where custom deals are made on delivery times and size, has come under focus as regulators around the world scrutinized commodities trading and lawmakers have pressed for tighter bank controls. The city has for centuries relied on those trading to manage the risk of default or non-payment. In most other places transactions are backed by exchanges that offer set contracts. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-10-18/london-gold-market-und...
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